Technology is ever-changing, and it is a constant driver for fundamental change in any society. It can revolutionize an existing process or make small tweaks over time, or it can create a new process or industry out of nothing. The impact of technological advancements varies based on what the advancement is, and what parts of society it affects.
With all of that said, there are a few industries that have been transformed by technology over time. Each of these three — music, finance, and transportation — is not directly related to the others, but each has seen marked changes over the past 25 or so years. They’ve all been impacted in their own unique way. Read on to find out how that is.
The music industry
Gone are the days where people rely on cassette tapes, CDs, and vinyl records to listen to their favorite tunes. Radio is still a popular way to get music, and, funny enough, vinyl records have made a “cool” comeback, but people use streaming services now for the most part. Companies like Spotify, Apple Music, Pandora, TIDAL, and more all provide and easy and mobile way for fans to listen to their favorite music wherever they go. This new tech has provided the convenience of always having access, and took out the need to physically buy music. For musical artists, it’s completely changed the way they earn their keep. Now, concerts are more important than ever, especially if they want to be remembered across the country and the world after they pass away.
The transportation industry
We’re not talking about people using cars instead of horses and buggies. Transportation has been altered significantly, even just in the past few decades. The rise of ride-sharing apps like Uber and Lyft have completely changed the way people get around, and have made it so people in certain areas don’t need to buy their own vehicle. This has, of course, impacted the taxi industry. Furthermore, cars are going electric — and are no longer nerdy. The “cool” factor of Elon Musk and Tesla (combined with undeniable advantages to driving their vehicles) has led to huge growth in purchases these electric vehicles across the country. As traditional car makers try to complete, we’ll continue to see the world of transportation change.
The finance industry
The world is now digital, and it’s no different when it comes to the financial services industry. The stock exchange, currency exchanges, banking, cryptocurrency, etc. — the list goes on — are all online and generally accessible anywhere. It makes transactions easier, quicker, and generally more secure (though the capabilities of hackers are always on the rise, so security is an ever-present concern). It’s no wonder that cryptocurrency is the most popular technology topic in six U.S. states right now (source: study by AgileCraft). People are always on the hunt for the next new way to make money, and technology is creating more ways to do so all the time.
What technological advances have affected your life or industry?